TiVo Names Financial Chief as Interim CEO

TiVo Inc. on Tuesday named its chief financial officer, Naveen Chopra, as interim chief executive, effective Jan. 30.

Mr. Chopra succeeds Tom Rogers, who is slated to become nonexecutive chairman of the company's board. For the current quarter, the company previously estimated it would book a charge of $11 million to $12 million linked to the chief executive transition. Mr. Rogers has been at his post for 11 years.

Mr. Chopra has been with TiVo since 2003. Before joining the San Jose, Calif., company, he held various business-development and product-marketing roles at companies that include Hewlett-Packard and Microsoft.

The company also said it added Wendy Webb, chief executive of Kestrel Corporate Advisors, to its board.

TiVo, founded in 1997, changed the way television is watched by introducing a digital video recorder.

To stay competitive, TiVo struck distribution agreements with some of its competing pay-TV carriers and video-streaming services, and developed technology that allows subscribers to grab video off the Web and traditional broadcast or cable channels. In September, it introduced its latest recorder: the Bolt.

In the third quarter, TiVo added about 429,000 subscriptions for a total of more than 6.5 million, up 26% from a year earlier and 7% from the previous quarter.

Write to Ezequiel Minaya at [e-mail]

(END) Dow Jones Newswires

January 12, 2016 18:05 ET (23:05 GMT)

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